Gas prices are... um well, wait a minute

[Sooner or later]

Originally Posted by afterburn 549

Wait until Nov 8th....

It depends on China. Their zero covid policy is crushing their economy. As long as they stumble along there will be less pressure on crude demand. OPEC is watching the situation closely.

[jcwade]

Originally Posted by RNajarian

Someone tell California gas prices are down. . .

Oxnard CA 9/2/2022


Thanks Joe, thanks Gavin

I saw gas at a Walmart in Lakewood, at $6.66 yesterday.
It was so high that I thought the electronic sign was wrong.

I actually paid $4.79 in N. Long Beach a short time later.
So yes, they are coming down.

[Sooner or later]

A lot of places at $2.87 and $2.89 in Lawton.

[Bob Kontak]

Akron/North Canton rose from $3.20-ish to around $3.75 now is around $3.50. I was absolutely certain it was supposed to be $2.50 by now.

Cab says west Ohio is $3.56 which is unusual as their prices have been a good 30 cents above my corner station (Speedway/Marathon). He also noted it was stuck at $3.69 long time.

LeBron's hood (where his Cleveland crib is) on the west side of Akron is $3.65.

[fintstone]

Yep. DOE announced awards/sales of an additional 20 million barrels from the Strategic Reserves in Aug for delivery in September and October and the administration has pledged to do more to keep prices down after OPEC agreed to/announced they were going to cut planned production in Oct.

[Sooner or later]

Originally Posted by fintstone

Yep. DOE announced awards/sales of an additional 20 million barrels from the Strategic Reserves in Aug for delivery in September and October and the administration has pledged to do more to keep prices down after OPEC agreed to/announced they were going to cut planned production in Oct.

They announced cuts to the quota, not actual production. They have been several million barrels a day short of production quotas.

This 100,000 b/d cut will not lower actual production levels by one barrel.

[Sooner or later]

This is OPEC data. OPEC+ missed targets by a far higher amount.

https://www.reuters.com/business/energy/opec-oil-output-august-hits-highest-since-pandemics-early-days-2022-08-31/

With many producers lacking the capacity to raise output due to insufficient oilfield investment, the 10 OPEC members managed a 300,000 bpd increase from July and are still pumping far less than called for, the survey found.

Output from the 10 members was 1.4 million bpd below the August target, versus a 1.3 million bpd shortfall in July.

[Sooner or later]

OPEC+ data from August 10th. OPEC and OPEC+ have missed their quota month after month after month.

https://www.yahoo.com/lifestyle/opec-july-production-survey-shows-133000461.html

Despite raising its crude oil production in July by 500,000 barrels per day, the OPEC+ group was still well below its collective quota, pumping 2.75 million bpd below targeted output, an Argus survey found on Wednesday.

[fintstone]

Originally Posted by fintstone

Yep. DOE announced awards/sales of an additional 20 million barrels from the Strategic Reserves in Aug for delivery in September and October and the administration has pledged to do more to keep prices down after OPEC agreed to/announced they were going to cut planned production in Oct.

Originally Posted by Sooner or later

They announced cuts to the quota, not actual production. They have been several million barrels a day short of production quotas.

This 100,000 b/d cut will not lower actual production levels by one barrel.

Isn't that what "cut planned production in Oct" means?

[fintstone]

Originally Posted by Sooner or later

OPEC+ data from August 10th. OPEC and OPEC+ have missed their quota month after month after month.

https://www.yahoo.com/lifestyle/opec-july-production-survey-shows-133000461.html

Despite raising its crude oil production in July by 500,000 barrels per day, the OPEC+ group was still well below its collective quota, pumping 2.75 million bpd below targeted output, an Argus survey found on Wednesday.

Yep...and why not...when we are emptying our strategic reserves (lowest level in decades already)? They can wait until we run out of reserves and jack up prices even more.

[Bob Kontak]

Originally Posted by afterburn 549

Ding Ding.

You're dating us.

[Shaun @ Tru6]

Cost of shipping is down. Just before Russia invaded Ukraine I ordered some stuff to be shipped from AZ. Shipping was $2900. A few weeks after the invasion it was $4400. Finally ready to ship, now it's down to $4K.

[flatbutt]

Originally Posted by afterburn 549

One of the largest sales scams in the world is ,that people get sucked into, is this-Raise the price to a preposterous high.
Then drop it back some and most of the masses will feel good about paying the exurbanite too high price.

Sad but true.

[cockerpunk]

Originally Posted by Bob Kontak

You're dating us.

surprise polyamory!

[Evans, Marv]

Well the title of this thread isn't true around here. The price of gas has gone up from $5.25 to $5.30 in the past few days.

[JackDidley]

Just got premium 93 at Cave City Ky. for $3.89.

[RNajarian]

Originally Posted by RNajarian

Someone tell California gas prices are down. . .

Oxnard CA 9/2/2022


Thanks Joe, thanks Gavin

Photo taken 9/8/2022 Oxnard CA


With all due respect to the OP, looks like gas is UP again.

[island911]

Some areas are ticking up (CA is one), but most are trending down.

https://www.gasbuddy.com/charts

[HobieMarty]

I paid $2.96 today for regular unleaded in Opelika, Alabama today.

Sent from my SM-N950U using Tapatalk

[RNajarian]

Still waiting for gas prices to go down….

La Crescenta CA- 9/12/2022